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NZ govt. accounts in deficit in October
Reuters - Friday, December 5
WELLINGTON, Dec 5 - The New Zealand government's operating financial balance was lower than forecast in the first four months of the fiscal year on losses on investments and a higher liability for accident insurance.
The balance for the four months to Oct 31 was a deficit of NZ$3.5 billion , or 339 percent below the forecast of a NZ$1.9 billion surplus.
The Treasury said the deficit was largely because of NZ$4.3 billion in investment losses from various state funds, and NZ$1.4 billion losses arising from revaluations of workplace accident insurance liabilities.
The operating balance excluding gains and losses , which strips out unrealised investment gains, was a surplus of NZ$898 million against a forecast surplus of NZ$781 million.
Net government debt stood at NZ$2.2 billion, which was NZ$1.9 billion lower than forecast, equating to 1.2 percent of gross domestic product.
The government's net cash position, the difference between all income and spending -- operational and capital -- was a deficit of NZ$3.7 billion compared with a forecast deficit of NZ$4.6 billion. Last month the outgoing Finance Minister Michael Cullen said the government's fiscal position was set to worsen, with debt levels rising, due to the poor outlook for the global economy.
The Treasury is expected to release updated fiscal and economic forecasts within the next two weeks.
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